Property Brief - January 2024

Q3 2023 saw a marginal increase in home loan applications, followed by a predictable drop between Oct and Dec, traditionally a quieter time for homebuying. At an index value of 233, this key indicator of conditions in the property market dipped by 7.5% QOQ and 12.5% YOY. The Consumer Price Index is creeping closer to the mid-point of the Reserve Bank target range (3-6%), so lower interest rates should be on the cards. This could lead to the next upward phase of home loan applications.